Dollar to Naira Exchange Rate Today, January 23, 2026 – Official & Parallel Market Rates

The Nigerian Naira strengthened against the United States Dollar in early trading on Friday, January 23, 2026, signaling a positive close to the third week of the year. Improved liquidity in the official foreign exchange market and a general easing of demand supported the currency’s upward movement.

Official Market Performance
Data from the Nigerian Foreign Exchange Market (NFEM) showed the Naira opening at 1,420.13 per dollar. By mid-morning, the currency had appreciated to approximately 1,418.16 per dollar, marking a 0.31 percent gain from the previous day’s close. Analysts attribute the strengthening to more efficient allocation of foreign currency and consistent efforts by the Central Bank of Nigeria to settle outstanding obligations. Transparency in the official market has created a predictable environment for corporate buyers, keeping exchange rates within a stable band throughout January.

Parallel Market Activity
The parallel market also reflected the Naira’s bullish trend. In major trading zones, including Lagos (Ikeja and Broad Street) and Abuja (Wuse Zone 4), the dollar was exchanged between 1,470 and 1,485 Naira. The slight decline in parallel market rates indicates that retail demand is being met by current supply levels. Bureau de Change operators noted that speculative pressures typical at the start of the year have largely been mitigated by the central bank’s oversight and steady inflows of diaspora remittances.

Summary for January 23, 2026

• NFEM (Official) Opening: 1,420.13
• NFEM (Official) Current: 1,418.16
• Parallel Market Range: 1,470 – 1,485

The convergence between the official and parallel markets remains a key development for the first quarter of 2026. If the current trend continues, the Naira is expected to maintain its resilience, supported by projected growth in foreign reserves and a stabilizing trade balance. Investors and the public are closely monitoring weekend closing rates, which will influence market sentiment heading into the final week of the month.

This steady performance of the Naira is being seen as a positive indicator for businesses, investors, and the broader economy, reflecting increased confidence in Nigeria’s foreign exchange management policies.